The 2024 Australia-Papua New Guinea Business Exchange (APNGBX24) successfully concluded a five-day visit (23-27 September) that spanned key economic hubs—Lae and Port Moresby. Hosted by the Australian Trade and Investment Commission (Austrade), the exchange facilitated high-level discussions and offered deep insights into the economic landscape, fostering collaboration between Australian and Papua New Guinean businesses.
The APNGBX delegation attending a session in Lae. Photo: Dev Nadkarni
The delegation’s visit was marked by two days in Lae, followed by three days in Port Moresby, culminating in a series of productive business networking events. These engagements were aimed at fostering stronger trade relations, particularly in the face of challenging economic conditions. The Australia Papua New Guinea Business Council, alongside Deloitte, played a key role in hosting a networking function on September 26 in Port Moresby, welcoming local business leaders, stakeholders, and the APNGBX delegation.
A core highlight of the exchange was the business breakfast in Port Moresby, which brought together over 100 attendees. The event provided attendees with a close look at Australia’s investments in Papua New Guinea, covering infrastructure, healthcare, roading, and maritime sectors. Westpac economist Justin Smirk’s expert insights on PNG’s economic outlook offered valuable food for thought, especially in light of the three major resource projects in the pipeline that could potentially start by 2026 (see accompanying story).
“Market visits are fundamental to building relationships and business networks and a core component of the Australian Trade and Investment Commission’s efforts to support economic growth in the Pacific,” says Brad Williams, Austrade’s Trade Commissioner for the Pacific.
The APNGBX is part of Austrade’s ongoing efforts to promote long-term business relationships, even as the local economy faces short-term challenges. Briefings from Westpac (see accompanying story) and ANZ outlined the current economic difficulties, but also underscored that a long-term commitment to Papua New Guinea remains essential for sustainable success.
Key Insights from Lae and Port Moresby
The delegation at the Lae port
The business exchange kicked off in Lae, where presentations on the country’s economy and banking sectors provided an in-depth understanding of the opportunities ahead. ANZ PNG’s Edwin Shankar, along with James Ellerman and Yvonne Nesol, presented a comprehensive view of the PNG’s economy and banking environment. The delegation also had the opportunity to view an engaging presentation on the Wafi-Golpu project, a significant upcoming initiative. Lae’s strategic importance as the logistics hub of the country was reinforced during these discussions and many expressed surprise that it moved significantly more freight through its port than national capital Port Moresby.
In addition to networking opportunities, the delegation visited the Port of Lae, the South Pacific International Container Terminal (SPICT), and the West Side Development of the Lae Tidal Basin. These site visits provided tangible insights into the infrastructure that supports the business and logistics hub of Lae. Similarly, the delegation also toured the Port of Motukea in Port Moresby, providing participants a clear understanding of the logistical capacities critical to Papua New Guinea’s economic growth.
Growth potential explored
The roundtables in Lae and Port Moresby (pictured) saw vigorous participation from both the delegation and local businesspeople and stakeholders. Photo: Dev Nadkarni
Roundtable discussions and meetings with local business leaders in both Lae and Port Moresby were notably productive, diving into the crucial topics affecting PNG’s business landscape. These discussions explored how public and private sectors can collaborate more effectively to improve policy frameworks and promote business growth. East New Britain province Governor Michael Marum’s surprise attendance at the Port Moresby roundtable further enriched the dialogue, adding regional perspectives to the national discourse on economic development.
The 2024 Australia-Papua New Guinea Business Exchange underscored the resilience and potential of the PNG market. While challenges persist, particularly in terms of current economic pressures, the foundation for sustainable growth is being laid through strategic partnerships and informed dialogue. These engagements have set the stage for future commercial outcomes, with all participants eager to track progress in the months and years ahead.
The APNGBX24 has clearly demonstrated the value of market visits and B2B engagements as fundamental tools for strengthening the business relationships between Australia and Papua New Guinea. Moving forward, the continued collaboration between the private sector, governments, and key stakeholders will be essential for unlocking the country’s economic potential.
